What is Pain of Paying | Explained in 2 min



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In this video, we will explore What is Pain of Paying.
Money plays an important role in our life so it’s important that we invest it rather than simply waste on things that we don’t actually need.

Pain of Paying refers to the negative emotions experienced during the process of paying for a good or service.
People love buying things, but they don’t enjoy paying for them with their hard-earned money.
We all like to have the latest phones and gadgets as it brings us joy and happiness at least for a little while.
But when it comes to paying for them and realising that we will have to say no to other things makes us feel the sense of regret.
We experience the pain of paying because we are loss averse. This means that we have the tendency to prefer avoiding losses to acquiring equivalent gains.
The pain of Paying is thought to be reduced in credit card purchases because plastic is less tangible than cash and therefore the depletion of money is less visible compared when you pay in cash.
This is also one of the reasons why some people tend to accumulate credit card debt because they don’t feel that much of a pain of paying while they spend money that they don’t even own.
The pain of paying is a natural feeling and it helps us to raise our awareness every time we are about to spend our hard-earned money.
But the goal is not to hold onto the money that you have. You have to invest your money in the way that you can have more of it in the future.

I hope that you enjoyed this video and I was able to give you a quick summary of what Pain of Paying is and what role it plays in our life. _________________

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